Can MOG Form New ATH On Technical Price Chart?

15 ก.ค.

Mogcoin (MOG) has presented a remarkable upside move in price that began after the consolidation that ended by mid-Feb 2024. Over the day time frame chart, the major price activity was witnessed in a formed upward parallel channel.

On March 7th, 2024, 1st contact with the upper border of the wedge was witnessed; then, after plummetation, by April 13th, the MOG price touched the lower boundary of the channel.

Thereon, MOG accumulated strength between the period of April 13th to May 13th, 2024, after which the price bounced back to the upper border of the channel by May 29th, 2024. After marking an ATH peak (second time), the MOG declined from May 29th to June 18th to the channel’s lower border.

By June 18th, it was found that MOG propelled again and followed the wedge with discipline to the upper boundary of the channel. Thus, it led to the form of a third ATH, which was marked on the 1st of July, 2024.

However, the 3rd peak showed instability, and the price of MOG pulled back to the resistance-turned-support (first peak at $0.000001250).

In the last 8-days days, from July 8th onwards, it surged nearly 80%, and now on the brink of surpassing the wedge’s upper boundary, the MOG has greatly benefitted, with BTC jumping above $62500. Therefore, the MOG could surpass this current level depending on buyers’ interest; if it does, the price could rally beyond the third peak and possibly create a new ATH or the fourth peak.

If MOG fails to sustain the recent increases and faces resistance from the third peak hurdle of $0.0000021270, the price could retract below from the upper boundary to the lower boundary of this upward channel.

MOG found strong support from the dynamic support bands of 200-day and 50-day EMAs. Meanwhile, the MACD has built a strong bullish crossover on the daily chart, with the histogram rising. RSI was at 67.92 and is yet to cross the overbought level of 70, suggesting potential for a rise.